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Thanks RKBeekeeper for the AGM update. I had a pre-planned engagement so was unable to attend.
Good to hear that you had met all the directors and yes as you say can form a better opinion of people when you see them face to face.
I have a small shareholding here and it would have been nice to have had the chance to meet you.
GLA
AGM
We had our AGM last Friday in Perth.
All Resolutions were passed with all votes cast in favour with none against.
I met all our Directors and for the first time I met Jill Overland and Nikki Cooper.
I had conversations with Nick & Eric before the AGM and with all four Directors during and after the AGM.
When you attend an AGM you can form a personal opinion of all present and I was impressed with our two NED’s. They bring experience and knowledge to our Company.
All our products were on display, and I have to say we have an impressive array of products. The packaging was excellent and eye-catching.
Before the AGM I was given a tour of our office accompanied with Nick’s PA Amy. I gleaned a lot of positive information about their vision and where we are heading, and I had sight of our stock room(s) and our lab.
I must be careful with what I say about what I observed, but I can say just as I arrived there were specialised floor-fitters delivering special floor coverings and the size was not your standard office floor-coverings and not for office-staff.
At present we have three revenue streams: Online, Shops & Trade Customers. Split 21% 55% 24% This will pivot as per Nick’s communications via RNS & Proactive Interviews to Trade & white label.
Two weeks after our year end, we had a Trading Update, and I am looking forward to next month when hopefully we will have an update on the past 6 months and details of our revenue from our three streams.
I look forward to comparing the revenue of Voyager Life with my other CBD Company (which is due to publish their Annual Results this month)
RKB
PS I articulated to all present at the AGM that by attending the AGM shareholders can remind the BoD that it is the shareholders who own the Company and that it is shareholders who can hold the BoD to account. If you do not attend AGM’s you forfeit the opportunity to let the BoD know what you expect of them.
£1m turnover at 44% Gross Margin = £440k gross profit.
Nick's remuneration alone would account for 25% of that gross profit. The rest needs to fund the other 24 employees before you cover rent, rates, utilities, etc. It doesn't stack up.
But the gross margin won't be anywhere near 44% going forward if trade sales are going to represent the majority of growth.
Just as well Nick 'continues to defy conventional wisdom on how much can be done in a day's work'....
Proactive Interview
In the link below that Troajan has posted you may find it useful to spend 15 minutes to understand what Nick Tulloch CEO of Voyager Life Plc has achieved over the past year or so since we listed on AQUIS.
I read our Annual Results in minute detail yesterday and I was impressed with the information that Nick & Eric provided.
Many of my friends who invest in shares do not understand accounts and often ask me to analyse Company Reports on their behalf. If you are not inclined to read our Annual Report, then the Proactive Interview may be of benefit to you.
I will try not fill this Post with too many figures but one or two could assist you if you are looking at an investment in a CBD Company that is growing and growing fast.
Shares in issue: 9,252,920
Cash in Hand as at 12th August 2022 £1,170,000
Revenue to 31st March 2022 £178,000
Revenue from the three shops for the most recent week 8th – 14th August 2022 was £3,000 (our best week ever) and from the Proactive Interview Nick alludes to an annualized revenue of £360,000 just from our three shops.
Currently we have three revenue streams:
Shop Revenue £98,000 (to 31/03/22)
Trade Sales £43,000 (to 31/03/22)
Own Website & other sales £37,000 (to 31/03/22)
From Annual Results “Since incorporation, the breakdown of our revenue across our three business lines has been well balanced with online sales accounting for 21%, trade customers 24% and our own stores, as we would expect at this stage, leading with 55%. Going forward, we expect the Company's primary growth driver to be trade customers, both those for finished products and those seeking white label or private label products manufactured by our VoyagerCann division.”
If you play around with the numbers (shops projected revenue £360,000) and going forward BoD expect Trade Customers to be the primary growth driver and at present, they only account 24% of revenue. A back of the envelope calculation (for my friends) would indicate revenues heading to about £1 million.
I believe that we are going on a Voyage that I am happy to be on.
RKB
Annual Results
Today our Annual Results were issued. I posted two weeks after our year-end 31/03/22 a “Trading Update” and todays Audited Results are broadly similar except:
Except, Nick goes into great detail for the Accounts and the accomplishments achieved since inception to flotation to present day.
If you were to take 15 mins out to read the full accounts, I am sure you would understand the vision that our Directors have for our Company and that we will be one of the leading CBD companies in the UK.
Revenue of £178,000
Cash of £1.43 million as at 31 March 2022 (cash of £1.17 million as at 12 August 2022)
Total assets of £2.3 million and net assets of £1.6 million
Four revenue lines (online, own stores, third party stores, private label & white label)
Two brands (Voyager and Ascend Skincare)
Manufacturing division established: VoyagerCann
53 formulated products (one of the widest CBD ranges in the UK) and, in its own stores, 270 SKUs (stock-keeping units)
Hemp Shampoo for Pets awarded best pet grooming product at PATS Sandown
Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: "In a little over 12 months since our listing on Aquis, we have one of the largest product ranges amongst UK CBD companies, opened three stores and established our reputation in the industry as a trusted and reliable partner.
"As I have said before, it is our financial performance on which we expect to be judged. In spite of our rapid expansion, we have kept a tight rein on costs as revenue has developed considerably over the year. We are still near the beginning of our story but we have a strong balance sheet, a growing distribution capability across a number of different categories and a wide product range to attract different customers. Our business is advancing all the time and only last week we saw record takings from our retail stores in St Andrews, Edinburgh and Dundee.
"CBD remains a competitive industry but our several differentiating factors - our own stores, our extensive product range, our manufacturing capability, our well-funded business - increasingly set us apart. Prospective customers are now beginning to seek us out, rather than the other way around. We are building a brand and that will take time but our foundations of integrity and impeccable service are resonating with customers.
"Our share price remains a frustration - at current levels we trade not far from our cash level and at a discount to our net assets - but our morale is high and we are confident that the successes we are seeing day to day in our business will in time translate into recognition by investors."
RKB
PS When you read ComTruise you will struggle to find he has anything positive to say on any share. (could he just be acting or a wannabe actor?)
https://voyagercbd.com/
It's worse than I thought. 44% GP, 12 months cash runway at current burn rates. At current 'record' retail weekly takings and the proposed retail/online/trade mix I think £1m turnover for the next 12 months looks like a real stretch.
Prediction - Nick will be back before or at the next annual results looking to raise cash 'for the next development opportunity' (i.e. to keep the gravy train going another year)
Kudos to Nick for being the first listed company CEO to herald the purchase of 2 vans though, great comedy content.
Launch of refillable CBD range
Yesterday Voyager Life Plc announced to the Market that we now have a refillable CBD range of 8 products, which all retail at under £10.
The initial 8 products are 2 shampoos, 2 conditioners & 4 hand and body washes, which can be purchased at one of our 3 Scottish Stores in Edinburgh, Dundee & St Andrews.
Nick Tulloch CEO said, “In time Voyager will add the CBD “Refillery” to our online offering enabling customers throughout the UK to benefit from this innovative, and cost effective, way of buying CBD products.”
In the Proactive Investors link below from Trojan, Nick explains how the “Refillery” works. After an initial purchase of a brushed aluminium bottle customers can then either go into one of our stores or (from next week) order flat-pack pouches online. This ensures that Voyager is eco-friendly.
Earlier this week, the Deputy First Minister of Scotland John Swinney was in our Perth office to celebrate the launch of the “Refillery”
I do not normally comment on “Politics” as I believe everyone should be allowed to have & express their own opinion but because the current government in Scotland are in a power sharing agreement (not a coalition) with the Greens, I believe having the Deputy First Minister being aware of what Voyager Life Plc are doing will hopefully enable the Scottish Government to look at the CBD industry with an open mind realise that CBD will eventually become mainstream.
RKB
PS I see on the https://chng.it/kfzb94DFKS we are at 817 so we are up about 550 signatures in the past week.
Everything starts with a ripple to get too a massive wave !!
Good to see
Launch of CBD Petition
Yesterday, Cellular Goods Plc (CBX) launched a Change.Org petition to “lift restrictions on advertising & marketing of CBD online.
“Cellular Goods has launched the petition in partnership with seven leading companies, who together comprise 'The CBG and CBD Brands Coalition' ("the Coalition"). The companies in the Coalition are Chanelle McCoy Health, Apothem Labs, Clearly Brands, Voyager Life, Kloris, Daye and CiiTech.”
If you are a shareholder in Voyager Life, you may want to have a look at this petition.
RKB
https://chng.it/kfzb94DFKS
Mystery Shopping
Voyager Life are at the Ideal Home Show at the SEC Glasgow from today until Sunday.
I paid them a visit this morning and was very pleased to meet our staff and have a long chat with them.
Mystery Shopping is one of the best ways to discover how your products are actually doing. Being aware that the sales staff are compliant and are knowledgeable regarding all compliance issues (age etc) and you can observe if our products are being purchased.
All our products were on display. I listened to a few customers chatting with our staff and was pleased to observe their professionalism and imparting their extensive knowledge and most importantly closing their sales.
Trade Shows are just one of the avenues that Voyager Life have to build our Brand along with our three shops in St Andrews, Dundee & Edinburgh, then there are our Online Sales and White-Label sales.
We have no debt and over £1 million cash in the Bank as at the end of our financial year (31/03/22)
Looking forward to the public being educated about CBD and Voyager Life have the staff to inform.
RKB
Obviously ComTruise you have never started a business so don’t understand there’s no miracle wand only hard work and intelligence.
Great to see the the cash in bank holding up well and good progress being made in very difficult and uncertain times .
My holding was always a minimum of three years so today’s share price as low as it is doesn’t reflect the inroads being made and now looking forward to reading Nicks future positive rtns and the share price recovering .
Annual revenue broadly equivalent to CEOs total remuneration = bargepole job. Even revenue increases 1000% this year to £1.8m, at a very generous 50% GP, this will barely be a break-even business.
Plenty of cash in the bank for Nick to spin this lifestyle business on for probably another 12-18 months. After that the gravy train hits the buffers.
Credit to Nick for acknowledging the share price disaster and destruction of value for all concerned though - saying all the right things for the blind faithful.
Trading Update
Part 7
“It is also appropriate for us to comment on our share price which, since our IPO on Aquis in June 2021, has been disappointing. In many respects we have fallen in line with others in the cannabis sector as investors react to disappointments elsewhere. The lack of liquidity in our shares, which is perhaps a function of a large number of our investors being long term EIS holders as well as (to date) limited broker involvement in Aquis, has also contributed to our share price and is perhaps responsible for the occasional sharp movements in our share price. We continue to develop our investor relations profile but, from the Directors’ point of view, our share price performance does not mirror the progress made in our business which has developed very much in line with our expectations. As mentioned above, we expect to be judged on our financial performance and therefore, as our efforts to date translate into revenue growth, we remain confident that the investor community will reflect that in our share price in the future.”
RKB
PS Where have you ever seen such a detailed Trading Update before? Voyager Life is on a Journey, are you going to be part of it?
Trading Update
Part 6
Nick Tulloch, Chief Executive Officer and Founder of Voyager, said: "Our first full year of operations was always going to be about developing the platform for our business to grow. In that regard we can look back on the last 12 months with a considerable degree of satisfaction. Measured on product range, distribution channels and our own stores, Voyager has taken significant steps forward and, most importantly, has assembled a highly capable and committed team.
“But of course our business is about far more than positioning for the future and it is right that we should and will be judged on our financial performance. In this, and in spite of our rapid expansion, we have kept a tight rein on costs as we promised and we have seen revenue develop considerably over the year. There is a great deal more to do for the Company to break even but we have a strong balance sheet, a growing distribution capability across a number of different categories and a wide product range to attract different customers. There is every reason to look forward to our 2022-23 financial year with confidence and optimism.
We are under no illusions about the competitive nature of our industry, but we set out in our second full year of operations with several differentiating factors – our own stores, our product range, our well-funded business – and the onus is on us now to make that count. Our application to be included in the FSA’s list of ingestible products is under review; encouragingly, we have examined the products already on the list, including those of our own manufacturing partner, and we believe that Voyager’s products will be validated by the FSA in due course.”
RKB
Trading Update
Part 5
Novel Foods
On 31 March 2022, the Food Standards Agency (“FSA”) published its initial list of ingestible CBD products permitted for sale in England and Wales until such time as they are either authorised or rejected. Currently, no CBD products have been authorised for sale by the FSA. At present, Voyager’s ingestible CBD products are not included on the list however, from what the Directors understand, the only impediment to the Company’s inclusion is that, initially, the FSA has assessed brands that were on the market on 13 February 2020, being the date of the FSA’s original announcement of its policy on CBD products and prior to Voyager’s incorporation. The Directors are aware of other products already on the list that were launched after that date; accordingly, the Company is not expecting that limitation to be permanent.
In particular:
1. Products and ingredients from Voyager’s manufacturing partner appear multiple times throughout the list, thereby implying that the Company’s products are likely to be approved in due course;
2. The vast majority of products on the list are not yet validated but instead are marked “awaiting evidence”; and
3. The FSA has said to expect further updates to the list in due course.
Voyager is in contact with the FSA about its inclusion on the list.
Finally, the FSA’s list only applies to ingestible CBD products and these are a minority part of Voyager’s business – the Company has nine ingestible products out of over 30 formulated products and some 150 SKUs in its shops.
RKB
Trading Update
Part 4
Following its acquisition of the business and assets of Cannafull in December 2021 for £9,000, Voyager has added a fourth business line of manufacturing to its already established lines of online sales, own stores and third-party stores. Cannafull was rebranded as VoyagerCann in February 2022 and is already proving to be a meaningful part of the Company. The potential order book currently stands at around £100,000 spread across 15 customers and the Company has already secured and delivered three orders, both to well-known CBD companies.
The Cannafull acquisition also added a second brand to Voyager. Ascend Skincare has been relaunched with its range of three face oils being the first products made by Voyager since the addition of its manufacturing capabilities.
RKB
Trading Update
Part 3
Unaudited revenue for the 16-month period to 31 March 2022 was approximately £178,000 with revenue in the last 12 months representing an increase of over 28x revenue generated in the financial period to 31 March 2021. Importantly our revenue in the second six months of the financial year increased by 88 per cent. compared with the first half of the year. Given the inconsistent nature of trade sales, analysing a monthly run rate of revenues can be misleading but, with the exception of the early part of the 2022 calendar that was impeded by Covid restrictions, revenues have been steadily growing and the Directors expect to see further improvements throughout the current financial year.
By their nature, Voyager’s products are personal – taste, scent and texture as well as packaging are key determinants of a customer’s decision to buy. Consequently, and with regard to trade sales which the Directors continue to believe will be the largest driver of revenue, the ability of the Voyager team to meet in person its prospective customers is very often definitive in closing a sale. As with many businesses, Covid restrictions were a limiting factor in 2021, particularly with many trade fairs being curtailed or postponed, and the Company has also found recruitment of salespeople to be slower than expected. Nevertheless, with Covid restrictions largely dropped across the United Kingdom, the Company has taken the opportunity to book into more trade fairs (with three attended in 2022 already) and organise more face-to-face meetings. The effects of this have been immediate with a growing order book and rising number of distributors. Winning the prestigious award for its Hemp Shampoo for Pets at PATS Sandown, an award which is judged by industry experts, is a further reminder of the popularity and quality of Voyager’s range.
RKB
Trading Update
Part 2
Review of Trading
In a year that began with four employees (two of whom were part time) and an online-only business model of 16 products, the Company has grown substantially in a rapid period of time, now employing 20 people and selling a range of over 30 formulated products and over 150 SKUs wide enough not only to support its own stores but also to attract an increasing number of trade customers.
Today, Voyager has four revenue streams:
• E-commerce from its own websites and third-party websites (including online marketplaces such as Amazon and eBay)
• Sales through its three own physical stores
• Sales to third party distributors and third-party stores
• Manufacturing products for other CBD and skincare companies
As at 31 March 2022, cash at bank was £1.43 million giving the Company the balance sheet strength to continue developing its business model without the need to raise new funds. In anticipation of supply shortages, rising prices and its expansion plans, management took the decision near the end of 2021 to considerably increase its inventory which amounted to over £140,000 at year end. Voyager has no debt and the cash balance reflects a pre-payment of rent in its Edinburgh store through to December 2022 and its St Andrews store to May 2022. Voyager’s monthly overheads during the year averaged just under £50,000, of which payroll and rent make up the majority.
RKB
Trading Update
Voyager Life Plc issued a Trading Update for our end of financial year.
Rather than put my interpretation on this excellent, informative and enlightening article (that covers everything) I will post below the update in full.
Voyager, the health and wellness company supplying high-quality Cannabidiol (CBD), hemp seed oil
and hemp-related products, is pleased to provide the following trading update as at its financial year end of 31 March 2022.
Highlights of the year include:
• Successfully opening three stores (St Andrews, Edinburgh and Dundee)
• Relaunched e-commerce website (VoyagerCBD.com)
• Second brand launched: Ascend Skincare (AscendSkincare.co.uk)
• Acquisition of manufacturing capability and establishment of VoyagerCann
(VoyagerCann.com)
• Over 30 formulated products and, in its own stores, over 150 SKUs (stock-keeping units)
• Distribution partnership with CLF, one of the largest distributors of healthcare products in the UK
• Hemp Shampoo for Pets awarded best pet grooming product at PATS Sandown
• Listing on the Aquis Stock Exchange
RKB
I thought i'd check in since my last posts. Unsurprised to see MCap has dropped another 30% in 6 weeks, now valued at £1.3m. Company must hold cash pretty close to 100% of market cap right now if the 50k per month overheads previously stated are correct.
Looking forward to annual results in May/June to see cash and monthly cash burn. There's fair bit of mileage for Nick in this lifestyle business yet!
DYOR, caveat emptor.
I hold shares in Voyager Life and just saw a 30 second television advert for British Cannabis and wondered if it was part of Voyager. It isn't. It started as a company in 2015 and is obviously looking to develop. I can appreciate television advertising may be costly but for those interested in buying CBD products I'm sure that 30 second advert will have given the company a lot of attention, with related sales of their products. I bought into Voyager as I was impressed by the information coming from the management and the belief they would be breaking into and developing an untapped market. I don't know if the products from the two companies are similar but I felt disappointed when I discovered the advert for cannabis products didn't relate to Voyager Life. It seemed like British Cannabis had stolen the march. Regardless, I will likely top up my small holding in Voyager when I have the means/news from the company.
Updated Website
I noticed that our website has been updated.
We have two websites https://voyagercbd.com/ and https://voyagerlife.uk/
On the Voyager Life website, if you scroll down past the first page, there is a short video called “Get to know Voyager” it is only 33 seconds long, short and sweet but it is informative, and you may want to have a look.
RKB